Explorers have found the wreck of a Russian Imperial Navy ship that was sunk 113 years ago and may contain $130 billion worth of gold bars and coins, according to news reports.

In a statement, salvage company Shinil Group confirmed that the stern of the vessel, the Dmitry Donskoi, had been discovered off South Korea’s Ulleungdo Island. It was badly damaged following an attack by Japanese warships during the Russo-Japanese War and was scuttled in the Sea of Japan on May 29, 1905.

The Korea Times reports that the South Korean salvage firm, which has been searching for the wreck for years, used two manned submarines to spot the ship on Saturday.